Slide 1: Aspo's Q1
Aspo’s Q1 6.5.2015 CEO Aki Ojanen Group Treasurer Harri Seppälä
Slide 2: Aspo's strategy
Aspo’s strategy • Aspo is a conglomerate that owns and continually develops its business operations and structure without predefined schedules. • The structure generates Aspo’s goodwill. • Business operations focusing on B-to-B customers. • Business operations in northern Europe and growth markets.
Slide 3: Aspo's financial targets
Aspo’s financial targets • Operating profit closer to 10% than 5% – Q1 comparable operating profit stood at 4.2%. Operating profit was 2.9%. • ROE over 20% on average – At the end of Q1 ROE was 26.2%. • Gearing of up to 100% – At the end of Q1 gearing was 99.9%. • Aspo’s dividend policy: Aspo will d
Slide 4: Financial target: Return on equity
Financial target Return on equity ROE, % 30 25 26.2 * 20 17.8 15 16.4 15.2 11.8 10 8.9 5 0 2010 2011 2012 2013 2014 Q1/2015 Target * The Alandia shares´ and impairment´s impact on the annualized ROE is about 13 percentage points. 4
Slide 5: Financial target: Operating profit
Financial target Operating profit, % 10 9 8 7 6 5 4 3 6.0 3.8 5.1 2 4.5 4.2 3.2 3.5 1 0.8 1.2 0 -1 -1.3 -2 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Exluding non-recurring impairment Non-recurring items (impairment) Target 5
Slide 6: Aspo Q1/2015
Aspo Q1/2015 • Earnings per share stood at EUR 0.22 (0.07). • Profit for the period increased and was EUR 7.0 million (2.4). • The comparable operating profit increased significantly and was EUR 4.3 million (3.8). • In the review period, Aspo reduced the goodwill of the Kaukomarkkinat segment by EUR
Slide 7: Key factors for the Q1 result
Key factors for the Q1 result • Telko's operating profit grew significantly to a record-breaking level of 6%. Operating profit in Russia, Ukraine and other CIS countries increased, despite the challenging market situation. Growth has also continued in Poland and Scandinavia. • Leipurin increased its
Slide 8: Russia, Ukraine and other CIS countries Q1/2015
Russia, Ukraine and other CIS countries Q1/2015 • The crisis between Russia and Ukraine continued. • The currencies of Russia and Ukraine were devalued heavily in 2014. During Q1, the ruble strengthened in relation to euro by about 20%. • The price of oil increased slightly in Q1. • The crisis betwe
Slide 9: Net sales, quarterly: Russia, Ukraine + other CIS
Net sales, quarterly Russia, Ukraine + other CIS countries MEUR 45 40 35 31.1 31.1 30 26.4 25 20 15 10 5 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 9
Slide 10: Net sales / market area Q1
Net sales / market area Q1 MEUR Q1/15 Q1/14 Change, % Finland 35.4 38.9 -9 Scandinavia 11.7 11.1 5 Baltic countries 11.7 12.0 -3 Russia, Ukraine + other CIS 26.4 31.1 -15 Other countries 16.8 14.9 13 Total 102.0 108.0 -6 10
Slide 11: Aspo's business operations
ft ASPO Aspo’s business operations
Slide 12: Aspo's countries of operation
Aspo’s Asponcountries of operation toimipisteet 12
Slide 13: Integral part of Finnish security of supply
Integral part of Finnish security of supply
Slide 14: ESL Shipping Q1/2015
ESL Shipping Q1/2015 • International dry bulk freight rates are at a low level. • During the review period, ships mainly operated in the Baltic Sea, North Sea and on international routes. • Lower fuel prices and the reduced capacity decreased net sales. • Net sales stood at EUR 18.2 (21.2) million.
Slide 15: ESL Shipping key figures Q1
ESL Shipping key figures Q1 Q1/15 Q1/14 Change, % Net sales, MEUR 18.2 21.2 -14 Operating profit, MEUR 3.3 3.3 0 Operating profit, % 18.1 15.6 15
Slide 16: Baltic Dry Index 2014-2015
Baltic Dry Index 2014‒2015 Source: Bloomberg 16
Slide 17: The bakery specialist
The bakery specialist
Slide 18: Leipurin Q1/2015
Leipurin Q1/2015 • Prices remained at the reference period's low level. • Net sales stood at EUR 28.3 (30.1) million. Net sales decreased from the reference period because of the declining Russian ruble and a smaller number of machine deliveries. • Operating profit grew to EUR 0.5 (0.3) million. The
Slide 19: Leipurin key figures Q1
Leipurin key figures Q1 Q1/15 Q1/14 Change, % Net sales, MEUR 28.3 30.1 -6 Operating profit, MEUR 0.5 0.3 67 Operating profit, % 1.8 1.0 19
Slide 20: Russia, Ukraine + other CIS countries net sales Q1
Russia, Ukraine + other CIS countries net sales Q1 MEUR 10 8.9 8.9 9 8 7.1 7 6.2 6.3 6 5.3 5 4 3 2 1 0 Q1/10 Q1/11 Q1/12 Q1/13 Q1/14 Q1/15 20
Slide 21: Leading expert in plastic raw materials and chemicals
Leading expert in plastic raw materials and chemicals
Slide 22: Telko Q1/2015
Telko Q1/2015 • The prices of raw materials sold by Telko increased from the fourth quarter but remained significantly lower than in the reference period. • Net sales stood at EUR 50.0 (49.6) million. • Operating profit was EUR 3.0 (1.8) million. • Even though the indicators representing the Russian
Slide 23: Telko key figures Q1
Telko key figures Q1 Q1/15 Q1/14 Change, % Net sales, MEUR 50.0 49.6 1 Operating profit, MEUR 3.0 1.8 67 Operating profit, % 6.0 3.6 23
Slide 24: Russia, Ukraine + other CIS countries net sales Q1
Russia, Ukraine + other CIS countries net sales Q1 MEUR 30 25 24.0 21.4 20.7 20 19.4 17.8 15 11.3 10 5 0 Q1/10 Q1/11 Q1/12 Q1/13 Q1/14 Q1/15 24
Slide 25: Kaukomarkkinat: Expert in energy efficiency
KAUKO MARKKINAT Expert in energy efficiency
Slide 26: Kaukomarkkinat Q1/2015
Kaukomarkkinat Q1/2015 • Net sales stood at EUR 5.5 (7.1) million. • Kaukomarkkinat sold its loss-making Industrial business operating in Poland, Russia and China. • Operating profit fell significantly to EUR -2.0 (-0.2) million, including the impairment of goodwill of EUR -1.3 million based on the
Slide 27: Kaukomarkkinat key figures Q1
Kaukomarkkinat key figures Q1 Q1/15 Q1/14 Change, % Net sales, MEUR 5.5 7.1 -23 Operating profit, MEUR -2.0 -0.2 -900 Operating profit, % -36.4 -2.8 27
Slide 28: Group net sales, quarterly
Group net sales, quarterly MEUR 140 120 112.3 108.0 102.0 100 80 60 40 20 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 28
Slide 29: Net sales / segment Q1
Net sales / segment Q1 MEUR Change, % 120 108.0 -6% 102.0 -23% 100 80 1% 60 40 -6% 20 -14% 0 Q1/2014 Q1/2015 ESL Shipping Leipurin Telko Kaukomarkkinat 29
Slide 30: Group operating profit, quarterly
Group operating profit, quarterly MEUR 9 8 7 6 5 4.3* 4 3 2 3.8 3.0 1 0.9 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 * Excluding a non-recurring impairment 30
Slide 31: Operating profit / segment Q1
Operating profit / segment Q1 MEUR Q1/15 Q1/14 Change, % ESL Shipping 3.3 3.3 0 Leipurin 0.5 0.3 67 Telko 3.0 1.8 67 Kaukomarkkinat -2.0 -0.2 -900 Other operations -1.8 -1.4 -29 Total 3.0 3.8 -21 31
Slide 32: Net sales and operating profit Q1
Net sales and operating profit Q1 2014/2015 Q1 Q2 Q3 Q4 Cum. Net sales 102.0 102.0 MEUR 108.0 122.7 129.6 122.6 482.9 Operating profit 3.0 3.0 MEUR 3.8 6.3 7.8 5.5 23.4 32
Slide 33: Financing and financials
Financing and financials Harri Seppälä
Slide 34: Income statement Q1
Income statement Q1 MEUR 2015 2014 Net sales 102.0 108.0 Ebitda 7.1 6.5 Depreciations and impaiment -4.1 -2.7 Operating profit 3.0 3.8 Financial income and expenses 4.5 -1.2 Profit before taxes 7.5 2.6 Income taxes -0.5 -0.2 Profit for the period 7.0 2.4 Earnings/share, EUR 0.22 0.07 34
Slide 35: Gearing
Gearing % 200 180 170.2 165.6 160 143.1 140 124.2 120 112.0 110.5 98.2 101.0 99.9 100 80 60 40 20 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/15 Q1/15 Target 35
Slide 36: Operational cash flow
Operational cash flow MEUR 16 15.8 14 13.4 11.7 12 10 8.5 8 6 4 1.8 2 0.5 0 -2 -4 -2.8 -6 -8 -7.4 -10 -12 -10.9 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/15 Q1/15 36
Slide 37: Interest bearing liabilities and net debt
Interest bearing liabilities and net debt MEUR 160 140 130.2 131.9 132.5 120 124.5 116.9 113.7 108.9 100 105.1 101.5 80 60 40 20 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Net debt Cash and cash equivalents 37
Slide 38: Maturity of significant loan agreements
Maturity of significant loan agreements MEUR 60 50 40.0 40 20.0 30 27.0 20 20.0 20.0 19.0 10 5.0 0 2015 2016 2017 2018 2019+ Loans Revolving credit facilities Commercial papers, overdraft facilities and financial leasing agreements not included. 38
Slide 39: Balance sheet
Balance sheet Assets Shareholders’ equity and liabilities 350 350.0 295.1 303.5 295.1 303.5 300 300.0 80.1 250 77.9 250.0 108.2 118.4 200 45.9 200.0 48.3 150 150.0 93.7 67.7 100 100.0 168.9 177.5 50 50.0 109.0 101.6 0 0.0 Q1/2015 Q1/2014 Q1/2015 Q1/2014 Non-current assets Shareholders´ equity Invent
Slide 40: Personnel / segment Q1
Personnel / segment Q1 350 300 290 259 250 200 218 150 100 45 50 27 0 2010 2011 2012 2013 2014 Q1/2015 Tot. 712 Tot. 814 Tot. 871 Tot. 869 Tot. 879 Tot. 839 ESL Shipping Leipurin Telko Kaukomarkkinat Other operations 40
Slide 41: Personnel / market area Q1
Personnel / market area Q1 500 450 425 400 350 300 284 250 200 150 100 65 50 46 19 0 2010 2011 2012 2013 2014 Q1/2015 Tot. 712 Tot. 814 Tot. 871 Tot. 869 Tot. 879 Tot. 839 Finland Scandinavia Baltic countries Russia, Ukraine + other CIS Other countries 41
Slide 42: Shareholders' allocation
Shareholders’ allocation Share Q1/2015 Number of shareholders 9000 Personnel 8358 8150 fund Non-domestic & 8000 0.3% 7389 Institutions nominee 26.1% 7000 6497 registrations 6183 2.2% 5760 6000 5000 4000 3000 2000 Group Executive 1000 Committee 0.7% 0 Board Private investors 14.2% 56.5% 42
Slide 43: Outlook for 2015
ft ASPO Outlook for 2015
Slide 44: Outlook for Aspo Group in 2015
Outlook for Aspo Group in 2015 • The slow growth in global economy and industry within the EU will continue. • Uncertainty will continue in eastern growth markets that are important to Aspo. • The market environments of businesses are expected to remain stable. • A significant part of the ESL Shippi
Slide 45: Guidance for 2015
Guidance for 2015 The guidance remains unchanged: - Aspo expects to reach a good result. 45
Slide 46: Thank you!
sleeeleell ft ASPO Thank you!